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Equipment Financing

Bring in new machine presses, ovens, freezers, medical diagnostic devices, and more with accessible equipment financing.

Equipment Financing Overview

Whether you’re a startup or have been operating for decades, you likely rely on equipment to keep your business moving. You might even be so used to your equipment that you take it for granted. But, if you suddenly have to upgrade or replace that equipment, having the cash to do it might not be in your budget. That’s where equipment financing comes in.

An equipment loan or lease is effective for making large equipment purchases that you don’t have the cash for right away. Make the purchase upfront, and budget in smaller payments later. You can use equipment you already have to get cash to put into other areas of your business. With hard money loans and sale-leasebacks, you can leverage equipment equity to get working capital. Ask your broker which type of equipment financing is best for your business.

How to Effectively
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Technology moves faster now than it ever has in the past and it touches nearly every type of business. Developments like AI and Internet-connected devices help us grow, but can also be difficult to keep up with. If you’re working in a competitive industry, the latest tech could give you the edge. Smart business owners keep an eye on new tools and tech and know when it’s time to start financing.

An equipment loan takes care of the upfront costs of onboarding new equipment, allowing you to spread out payments over time. Even if you have it in the budget to pay cash upfront, it may be a better move to invest that money elsewhere for a better return. Equipment leasing can give you the equipment you need without a major cash outlay. Leases work well if you’re trying out new tech or have to replace equipment frequently.

Equipment Financing Options

Loan

Equipment loans do the heavy lifting for you so you don’t have to dump a lot of cash upfront. Bring in the computers and machines you need now and pay down the loan over time. Private lenders, banks, and the SBA all offer equipment loans, so be sure to get the help of a qualified broker.
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Lease

Buying isn’t always the best option. If you want to avoid the headache of repairs, maintenance, and upgrades, consider leasing your equipment instead. At the end of your lease, choose to buy, renew, or surrender depending on your lender’s options. Ask your broker to find you the best deals on new or used equipment.
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Sale-Leaseback

A sale-leaseback lets you get cash for your existing equipment without giving it up to the buyer. You’ll get a percentage of the equipment’s value upfront. Then, pay it back monthly or quarterly to keep the equipment in place and working for you. Talk to your broker for details.
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F.A.Q’s

Q. Should I buy or lease equipment for my business?
The answer to this depends on how long you plan to keep the equipment. As a general rule, consider an equipment loan for equipment built to last 10 years or more. For anything you expect to replace or upgrade in five years or less, ask your broker about an equipment lease.
Q. How do I get equipment for my startup business?
Equipment financing comes in many shapes and sizes. If you have a startup business, you may be able to secure a loan on the equipment you’re financing. If your business has been around for a few years, but you’re having trouble getting equipment financing, look to the SBA for an equipment loan. Talk to your broker for more options.
Q. What qualifies for an equipment loan?
Equipment can be nearly any machine or tech your business needs to run. Copiers, printers, ovens, freezers, presses, and chainsaws all qualify as equipment. You can also finance computers, servers, networks, and robotics.
Q. Do I need good credit to get an equipment loan?
It’s easy to finance equipment, even if your credit is under repair. The SBA offers equipment loans at low-interest rates to small businesses that have been turned down elsewhere. Ask your broker to show you more equipment financing options.

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